Financial Position

Balance Sheet Analysis

Compared with year-end 2015, the HHLA Group’s balance sheet total increased by a total of € 70.0 million to € 1,820.4 million as of 30 September 2016 (31 December 2015: € 1,750.4 million).

On the assets side of the balance sheet, non-current assets rose by € 52.1 million to € 1,357.9 million (31 December 2015: € 1,305.8 million). Current assets increased by € 17.9 million to € 462.5 million (31 December 2015: € 444.6 million).

On the liabilities side, equity declined by € 35.8 million as against the 2015 year-end to € 544.8 million (31 December 2015: € 580.6 million). The decrease was primarily due to the interest rate-related change of € 55.8 million in actuarial gains and losses, netted with deferred taxes, and the dividend distribution of € 46.8 million. The Group’s profit after tax for the reporting period increased equity by € 83.3 million. The equity ratio decreased to 29.9 % (31 December 2015: 33.2 %).

Non-current and current liabilities rose by € 105.8 million to € 1,275.6 million (31 December 2015: € 1,169.8 million). This is mainly attributable to the € 84.8 million increase in pension provisions.

Investment Analysis

The investment volume in the period under review totalled € 106.3 million, just short of the previous year’s figure of € 111.8 million due to reporting date factors.

Capital expenditure in the first nine months of 2016 focused to a large extent on the expansion of the block storage facility at the Container Terminal Burchardkai, the purchase of container gantry cranes for the Burchardkai and Tollerort container terminals, the construction of the Budapest inland terminal and the purchase of wagons for the intermodal subsidiary Metrans.

Liquidity Analysis

Cash flow from operating activities rose year-on-year from € 139.8 million to € 184.7 million. The net increase is primarily attributable to higher trade liabilities and lower income tax payments as against the previous year.

At € 50.7 million, cash flow from investing activities was lower than in the previous year. The change was mainly due to the decline in capital expenditure.

Cash flow from financing activities was down € 40.7 million on the prior-year figure. In addition to the acquisition of non-controlling interests, the net result of a decline in new borrowing and lower principal repayments on loans led to an increase in net cash outflow from financing activities.

Financial funds totalled € 190.3 million as of 30 September 2016 (30 September 2015: € 163.0 million). Including all short-term deposits, the Group’s available liquidity at the end of the third quarter of 2016 amounted to € 229.2 million (30 September 2015: € 233.0 million).